https://eyeonhousing.org/2024/01/remodeling-market-sentiment-improves-in-fourth-quarter/ National Association of Home Builders Discusses Economics and Housing Policy Tue, 07 May 2024 12:48:35 +0000 hourly 1 https://eyeonhousing.org/2024/01/remodeling-market-sentiment-improves-in-fourth-quarter/#comment-2235617 Sun, 07 Apr 2024 19:18:04 +0000 https://eyeonhousing.org/?p=34534#comment-2235617 Biggest problems with remodeling/renovation (vs new construction) are:
1) It is often hard to locate/book a competent remodeler/renovator. With new construction you can see the finished product beforehand. And a new home builder is often not the best choice for a renovation job.
2) The final price is often “variable” and difficult to nail down up front.
3) Financing (often via a lender) is tougher. No FHA/VA/etc backstops, and higher interest rates, even with a 2nd mortage.
4) Remodeling costs can exceed the original construction price, as you must work within the restrictions of the existing construction and uncover new problems as you go.
To quote from Bob Villa on “This Old House” – “It will take twice as long and cost three times as much as you first assume”.

]]> https://eyeonhousing.org/2024/01/remodeling-market-sentiment-improves-in-fourth-quarter/#comment-2233987 Thu, 25 Jan 2024 17:13:54 +0000 https://eyeonhousing.org/?p=34534#comment-2233987 Encouraging news! The improvement in remodeling market sentiment during the fourth quarter signals potential growth in renovation projects. For those considering construction loans, this positive trend suggests a promising market for financing home improvement ventures. It’s a good time for contractors and homeowners alike to explore financing options for remodeling endeavors.

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